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The purpose of this study is to investigate tourism demand and its determinants with panel data models. This paper empirically investigates the determinants of tourism demand for a statistically significant sample of eleven European countries for the years 1996–2015. Various potential determinants are investigated, including gross domestic product, consumer price index, the average per capita tourism expenditure, and the marketing expenses to promote tourism industry. The empirical results indicate that the explanatory variables affect the tourism demand of the EU countries and play an important role in strategies that affect total cost, demand, and structure of the market. As the marketing and advertising expenses revealed a dynamically interacts with tourist demand, their implications in decision making policies were discussed. |
